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In this video tutorial, Richard Ross demonstrates how to use conditional formatting in Microsoft Access to format fields in forms or reports based on a different field's value. He shows how to change the color of fields, such as credit limit, if it is over a thousand dollars. Additionally, he explains how to make other fields, like first name and last name, turn red based on the credit limit. Ross guides viewers through the process of accessing conditional formatting in design view and customizing it for each field.